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Chapter 1: Introduction to Managerial Accounting

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Question;1.2-1 The;design of a management accounting system should consider how reports affect;employees? behavior.;Answer;True;LO;1-2;Diff;2;EOC: E1-9;AACSB;Reflective Thinking;AICPA Business Perspective Competencies: Critical;Thinking;AICPA Functional Competencies: Reporting;1.2-2 GAAP must be followed when;managerial accounting reports are prepared.;1.2-3 Management;accounting requires independent audits of the firm?s books.;1.2-4;The primary purpose;of managerial accounting information is to help external users make investing;and lending decisions.;1.2-5;The;primary users of managerial accounting information are internal users such as;managers.;1.2-6;The;primary managerial accounting product is the company?s audited financial;statements.;1.2-7;Managerial;accounting information emphasizes relevance, more than reliability and;objectivity.;1.2-8;Managerial;accounting information tends to report on segments of the business.

 

Paper#54937 | Written in 18-Jul-2015

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